With an increase of 0.24% on MCX India on Monday, December 19, gold prices in the Indian retail market edged up. Gold futures traded at Rs 54,110 as of 10:20 AM. On the other hand, silver futures traded at Rs 67,648, which was up in the green by 0.45%. Silver prices in the retail market increased by Rs 200 per kilogram, bringing it to Rs 69,500. In the Indian market, gold prices saw a minor drop on December 19, with the 24-carat gold trading at Rs 54,110 down by Rs 380 and Rs 49,600 of the 22-carat type down by Rs 350, both for 10 grams. As of 0226 GMT, spot gold was up 0.1% at $1,794.60 per ounce and the price of U.S. gold futures rose 0.2% at $1,804.00.
Gold was the priciest in the southern city of Chennai, and has maintained a price level of Rs 55,160 for the 24-carat variety and Rs 50,700 for the 22-carat variety. In Delhi, the national capital, 22-carat gold was sold at Rs 49,750 for every 10 grams, while 24-carat gold was traded at Rs 54,260. In Bengaluru, prices for the yellow metal were recorded at Rs 54,160 for the 24-carat variety and Rs 49,650 for 22 carats. As usual, gold prices remain the same in Mumbai, Kolkata, and Hyderabad. Ten grams of 22-carat gold retails for Rs 49,600, while the same quantity of 24-carat variety of gold retailed at 54,110.
The fluctuation in gold prices found across several cities in India is due to variances in tax rates imposed in each state. Making charges and the craftsmanship that goes into the gold jewellery determine if the prices are going to be on the higher end.
The Reserve Bank of India’s announcement on the Sovereign Gold Bond Scheme 2022-23 - Series III, which will be open for subscription from December 19 to 23, 2022, is the most recent news about the yellow metal in India. The amount of gold paid for by the investor is safeguarded since he obtains the current market price at the time of redemption or early redemption.
Keywords: Gold, Gold price, Gold rate, Gold India
Source: https://www.reuters.com/article/global-precious/precious-gold-prices-edge-higher-as-weaker-dollar-lifts-appeal-idUSL1N339015
https://indianexpress.com/article/explained/explained-economics/rbi-gold-bonds-sense-to-invest-8329948/
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